Mis-declaration and Concealment: confiscation affirmed, transaction value re-determined and mandatory penalty sustained; redemption allowed on payment...
Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
NCLAT held that a Section 7 CIRP application was not maintainable because the appellant failed to establish a financial debt under Section 5(8). The record did not show any disbursement to the corporate debtor against consideration for time value of money, or any transaction giving the alleged loan the commercial effect of borrowing; the appellant had borrowed in her own name against mortgage of her flat and repaid that loan herself. Authorities dealing with promoter support or guarantor recourse were found inapplicable. The rejection of the Section 7 application was therefore upheld, without prejudice to any other remedy available in law.
NCLAT held that a Section 7 CIRP application was not maintainable because the appellant failed to establish a financial debt under Section 5(8). The record did not show any disbursement to the corporate debtor against consideration for time value of money, or any transaction giving the alleged loan the commercial effect of borrowing; the appellant had borrowed in her own name against mortgage of her flat and repaid that loan herself. Authorities dealing with promoter support or guarantor recourse were found inapplicable. The rejection of the Section 7 application was therefore upheld, without prejudice to any other remedy available in law.
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